Most protocols optimize for TVL, but capital efficiency is the more important metric. High TVL with low utilization often signals unsustainable incentive structures.
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AI agents will reshape the internet economy. Instead of humans interacting with apps, agents will interact with other agents, services, and protocols. Machine-to-machine transactions could become a trillion-dollar economy.
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Wars today are as much about economic endurance as military strength. Fiscal capacity and industrial resilience often determine long-term positioning.
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